The financial year has started well for provincial lender ATB Financial with growth in loans and deposits delivering first quarter net income of $57.3 million.
Although that figure is down from $63.1 million a year ago, this was largely due to larger higher loan loss provision.
Loans were up 8.3 per cent over the same period last year ($45.1 billion from $41.7 billion). Deposits totalled $34.5 billion, up from $33.7 billion the year before.
“The numbers show we are continuing to make banking work for Albertans. They are turning to us to help start or grow their businesses, and they are trusting us as a place to put their hard-earned money,” said ATB’s President & CEO Curtis Stange. “Many Alberta businesses and entrepreneurs have survived turbulent times, and there are still headwinds we face, but together, we’re finding a way to thrive.”
The bank marked a milestone in the quarter ended June 30, 2018, with its 100,000th business customer.
Net interest income was $296.8 million, an increase of $9.3 million (3.2%) and $32.1 million (12.1%) over the last quarter and the same time last year.
“Our growing balance sheet is the main contributor for both increases as business loans and residential mortgage loans outgrew our increasing reliance on wholesale and collateralized borrowings,” ATB’s report states.
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